Gatos Silver (NYSE:GATO) Shares Up 6.8% – Time to Buy?

Gatos Silver, Inc. (NYSE:GATO) shares shot up 6.8% on Tuesday . The stock traded as high as $15.14 and last traded at $15.11. 105,301 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 348,160 shares. The stock had previously closed at $14.15.

Wall Street Analysts Forecast Growth

GATO has been the subject of several recent analyst reports. Canaccord Genuity Group reaffirmed a “hold” rating on shares of Gatos Silver in a report on Tuesday, October 22nd. CIBC lifted their price target on shares of Gatos Silver from $15.00 to $17.50 and gave the stock an “outperformer” rating in a research report on Thursday, September 26th. Finally, Canaccord Genuity Group lowered shares of Gatos Silver from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Four equities research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $12.90.

Gatos Silver Trading Up 4.7 %

The business has a 50 day moving average price of $15.32 and a 200 day moving average price of $14.49. The company has a market capitalization of $1.03 billion, a P/E ratio of 30.23 and a beta of 1.95.

Hedge Funds Weigh In On Gatos Silver

Institutional investors have recently modified their holdings of the business. XTX Topco Ltd bought a new position in Gatos Silver during the 2nd quarter worth about $112,000. Arizona State Retirement System bought a new position in shares of Gatos Silver during the 2nd quarter worth approximately $121,000. Barclays PLC lifted its position in shares of Gatos Silver by 1,332.9% in the third quarter. Barclays PLC now owns 10,116 shares of the company’s stock worth $152,000 after purchasing an additional 9,410 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Gatos Silver by 53.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,807 shares of the company’s stock worth $163,000 after purchasing an additional 3,783 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new position in Gatos Silver in the second quarter valued at $185,000. Institutional investors own 44.81% of the company’s stock.

About Gatos Silver

Gatos Silver, Inc engages in the exploration, development, and production of precious metals. It primarily explores for silver deposits. The company also explores for zinc, lead, copper, and gold ores. Its flagship asset is the Los Gatos District, including the Cerro Los Gatos mine in Chihuahua, Mexico.